€2.5m EIC Accelerator Grants For Intensive Innovation

Ireland’s economy relies on innovation

Innovators and researchers drive the economy forward, developing fresh new concepts and helping society overcome its biggest challenges.

Enterprise Ireland has therefore thrown all its weight behind supporting companies and researchers to individually achieve their innovative ambitions.

The European Union's Horizon 2020 programme has also been a key player in helping new ideas come to fruition. It’s essential in the funding of research projects as well as supporting industrial leadership in tackling the problems they face.

Irish companies and researchers have to date been awarded more than €987 million of Horizon 2020 funding, with more yet to come. From the end of this year, Horizon 2020 will be succeeded by Horizon Europe. However, many funding and support opportunities are still available between now and December.

What is the EIC Accelerator Pilot?

The EIC Accelerator Pilot backs the higher risk SMEs that are also likely to have the highest potential. It offers funding to the most ambitious innovators, allowing them to bring the most cutting edge products and ideas to life and drive economic growth.

In the most recent round, eight Irish companies were awarded a total of over €31 million placing Ireland (alongside Denmark and France) second in terms of the number of companies to win funding. Ireland has certainly done well, shoring up its reputation as a creative, visionary place to do business.

Applicants are able to apply for up to €2.5 million in grant support, with a further €15 million also offered in equity investment.

Applying for the funding

There are three vital ingredients which applicants are effectively judged on, and should therefore be addressed when making an EU grant funding application. These are:

1. How truly unique and innovative their work is
2. The extent to which their product, service or process will impact the market
3. How their business will be scaled up

Companies are able to either apply for a grant on its own, or a combination of grant support plus equity. Those that initially apply for a grant only can also choose to request equity as well at a later date.

At Myriad Associates we advise ambitious companies to think extremely carefully about whether the equity option is the best way forward. This is because in the tough economic environment, venture capital is not so readily available. However, equity does increase the likelihood of more private sector funding as it can act as extra leverage. This is something we will discuss in detail with you.

Two of the latest successful applicants were supported by Myriad Associates

Applying for a grant is a resource-intensive process that will take up a lot of time and brain space. You need to make a very strong commercial and technical case for your innovation, and to be successful it really needs to stand out.

Grants are offered like competitions, where only the ‘winners’ - i.e the best applications - will succeed. There are also a number of grant scheme available, all with their own rules and guidelines, so it’s vital to understand what you’re actually applying for. You need to be sure you’re eligible too.

At Myriad, we have many years of experience in assisting Irish companies in putting together the most effective R&D grant funding applications possible. One of our most recent success stories is Kite Medical, an offshoot of NUI Galway that broke away in 2016. In 2018 it achieved accelerator grant funding to support its development of a point-of-care, non-invasive screening tool for kidney reflux in children. €1.5 million was awarded.

We’re also proud to have worked with GlasPort Bio Limited. Based in Galway, this well-established biotechnology company focuses on maximising the efficiency of natural resources. It works by deriving value streams from a broad spectrum of materials, often those typically considered to be waste.

GlasPort Bio has cultivated an impressive R&D portfolio over the last ten years, developing a range of innovative technologies for applications in multiple fields including biotechnology, agri-food, agriculture and green energy. The funding achieved was in relation to its GasAbate N+ technology which is crucial in the removal of greenhouse gas emissions from stored animal manure. Manure typically makes up 16% of all greenhouse gas emissions from EU agriculture.

It’s not too late…

To date Irish companies and researchers have been awarded over €987.1 million in funding under Horizon 2020 - and the funding tap is far from being turned off. There continues to be many opportunities for Irish researchers and businesses under the EIC and across the Horizon 2020 programme. Indeed, the remaining call deadline is the 7^th October, with the European Green Deal potentially also launching in the autumn, worth around €1 billion.

How Myriad Associates gives your company the best chance of EU grant funding success

Myriad Associates has an enviable track record when it comes to putting together highly successful R&D grant applications. By working with us, not only will you save time, money and stress, you’ll also gain a strong advantage against your competition.

Firstly, we'll look at your project plans in detail and assess your chances of success. Then we'll hold a workshop session with you (either online, over the phone or in person as you wish) so we can find out more about your company, your ideas and your goals. We will also work to understand your financial projections and commercial opportunities as well as the wider market in which your business operates.

Next, we will help you to select the best funding options to suit, before researching, preparing, and writing an award winning R&D grant application for you to review and approve.

Then comes the submission. Here we can complete the online registration process, before submitting your application for you. Grant assessors always give feedback on applications, whether or not they’re successful, and we will review this with you before offering relevant advice and guidance. Then finally, when your grant application is approved, we will assist you in complying with all requests from the grant body’s monitoring officers.

Get in touch

If you would like to find out more about the EIC Accelerator Pilot or about R&D funding in general, please do get in touch with our friendly expert term. Based here in Dublin, we’ll be pleased to take your call +353 1 566 2001. Alternatively feel free to use our contact form.